Young People Do Not have a Basic Understanding of Financial Management When They Leave School IELTS Writing Task 2

First off, it is evident that young people lack the necessary experience to manage their finances in an effective manner. Additionally, young people frequently are unaware that it is essential for any successful person to deduct a portion of their salary and save it. Mostly, because their parents and teachers typically do not stress the value of saving money to them. Additionally, people in this young age are frequently persuaded to purchase a lot of unnecessary items. Although it happens mostly in an effort to keep up with their peers or to feel important in society. As a result, they spend a lot of money rather than conserving any.

Although both parents and teachers can contribute to resolving this issue by raising young people's awareness of the value of saving. Parents should take the lead in resolving this issue. Because they can take concrete steps at a very young age to teach their children how to use their money effectively. For instance, they could instruct them to save a portion of their money each day or each month. So that they can later utilise it to purchase something valuable. Children will learn that saving money has long-term benefits in this way. And as a result, they will forgo purchasing some items that are not necessary in favour of using their money to purchase items that are more advantageous.

In conclusion, young people typically lack the experience necessary to handle their financial problems. Because their parents and school do not teach them how to do it. Both parents and teachers must teach them how to handle these situations if we want to change the current circumstance.

The lack of academic and practical understanding is the cause of many young adults' inability to manage their own finances. The school curriculum does not yet include personal finance. As a result, kids are prevented from learning theoretical information. Similar to this, many parents do not disclose their financial obligations with their kids. As a result, children do not gain practical experience. For instance, despite being 19 years old, my uncle has never held my cousin financially responsible. As a result, he is unable to maintain a budget or make savings plans.

However, financial education includes teachings that equip a person to use all of his financial resources wisely and effectively. If financial education is included in the syllabus, students can learn how to use a budget, a credit card, save money, avoid debt, and other financial skills. Similar to this, parents can instruct their kids well by giving them relevant real-world experiences. This means that parents and children might share certain financial responsibilities. For instance, in addition to giving me pocket money, my parents also offer me the opportunity to create my own budget. As a result, I discovered two invaluable lessons. Firstly, we should only spend what we're able to afford, and lastly we should be aware of the dangers of unforeseen expenses.

In conclusion, financial literacy is more important than ever in the current severe scenario. To ensure that teenagers have both theoretical and practical financial knowledge, schools should include financial education in the curriculum. And parents should share some of their financial obligations with their children.

When we think about contemporary youths who want luxury and independence, we can see their loving but clueless parents. They put a lot of effort into giving their kids a safe upbringing, but they keep the truth hidden. These parents ought to explain to their kids how they make money and why it's crucial to start managing one's finances wisely at a young age. This tendency prevents young people from learning how to handle their money, which is a really basic skill. According to scientific research, a person's fundamental character is formed early in life. And the manner in which they are schooled at home has a significant impact on their future. Therefore, parents should teach the basics of financial management at home. And let their children understand how hard they work to earn money in order to have a better younger generation that is capable of managing money properly.

Additionally, schools don't have a comprehensive curriculum on managing finances for all majors. And generally teachers don't make an effort to teach their students. The end effect is a youthful generation that is clueless about how to manage their finances. Education professionals should first receive training before being asked to teach this ability to their students in order to solve this issue. All majors should have access to the national curriculum's course on managing finances.

To sum up, a lot of children are in danger when it comes time for them to manage their money. Because parents are unwilling to teach them the practical parts of income and money management. And also because there is a shortage of financial education in schools. To tackle this issue, family and formal education are both necessary.